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The property is around 3.9 km from Pueblito Paisa, 8 km from El Poblado Park and 8 km from Lleras Park. Effective policies are essential to forestall the possibility of worse outcomes, and the necessary measures to reduce contagion and protect lives are an important investment in long-term human and economic health.“Because the economic fallout is acute in specific sectors, policymakers will need to implement substantial targeted fiscal, monetary, and financial market measures to support affected households and businesses domestically,” the IMF report concludes.In a related report on global government policy responses to the crisis, IMF noted that “to date, central banks have announced plans to expand their provision of liquidity -- including through loans and asset purchases -- by at least US$6 trillion and have indicated a readiness to do more if conditions warrant.“As a result of these actions aimed at containing the fallout from the pandemic, investor sentiment has stabilized in recent weeks.
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What’s more, cities need to think more profoundly about the total impact of promoting telecommuting and teleworking -- as is now mandated during the current crisis for office employees.While Lora added that Colombia is unlikey to see a return to the growth rates of 2019 before 2023 or 2024, former Commerce Minister Jorge Humberto Botero added in a separate presentation here that the Colombian economy could contract by 5.5% this year -- worse than the 4.5% contraction in the 1999 economic crisis.In another presentation, Universidad de los Andes professor Sergio Clavijo predicted that Colombia GDP growth in the first quarter of 2020 might be around 2%, but would fall into negative territory for full-year 2020.Beyond coping with the current crisis, government also needs a longer-term refocus on converting some 9 million Colombians in the informal sector to the formal jobs sector, Clavijo added.At the same forum, former Colombia Agriculture Minister Juan Camilo Restrepo added that the Coronavirus crisis currently is estimated as costing Colombia at least COP$53 trillion (US$13.5 billion).To recoup fiscal losses that accompany such economic crises, government can’t just raise taxes, since that would kill even more tax-paying business and hence kill more tax-paying jobs, he said.Instead, “everything points to the fact that the government is going to have to [recoup losses] by borrowing more and raising the public debt,” hence postponing fiscal balance recovery into future years.The “CCRF” Committee (“Comité Consultivo de la Regla Fiscal”) just undertook a new sensitivity analysis of the behavior of fiscal variables under different scenarios of economic growth, according to the Ministry announcement.Rationale: “Unusual uncertainty that prevails in the world macroeconomic outlook,” according to the official CCRF report (see: “According to the most likely economic growth scenario estimated by the government, productive activity would contract 5.5% in 2020.
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